Cisco Reports Earnings: DJIA Market Close For Tuesday, November 13, 2012

The Dow closed down -58.90 (-0.46%) at 12,,756.18.

Cisco Systems Inc. (CSCO) reported net income rose to $2.09 billion (39 cents per share) vs. $1.78 billion (33 cents per share) in the same quarter a year earlier. That’s a +17.7% rise from the year-earlier quarter. Revenue was up +5.5% to $11.88 billion from the year-earlier quarter. Net income was 48 cents per share, beating the mean estimate of 41 cents per share. Cisco also beat the average revenue estimate of $11.58 billion.

Today Home Depot (HD) surged to a new 52 week high, up +3.63% for the day.

We also had new 52 week lows from INTC, HPQ and DD, although DD did close up +0.49%.

Dow stock winners were HD, DIS, DD, T, KO and UTX.

Dow stock losers, 24 of them, were led by MSFT (-4.01%), INTC, CAT, CAT, HPQ, AA, ACP, JPM, GE, XOM and WMT.

Wal-Mart (WMT) reports earnings Thursday before the open.

Today, I lost confidence in this market and cut my longs to raise cash to 50%.

Charts are looking bad and I may eventually be 100% cash. We’ll see.

The dollar was up against the euro, but fell versus the British pound and Japanese yen.

Oil for December delivery slipped 19 cents to settle at $85.38 a barrel.

Gold futures for December delivery lost $7.70 to end at $1,723.20 an ounce.

The bond market reopened Tuesday after being closed Monday for Veterans Day. The yield on the U.S. Treasury 10-year note was down to 1.59% from 1.64% on Friday.

And the world keeps on turning.

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